Original-Research: Shelly Group SE (von Montega AG): Buy
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Original-Research: Shelly Group SE - from Montega AG
11.09.2025 / 09:57 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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Classification of Montega AG to Shelly Group SE
Company Name: Shelly Group SE
ISIN: BG1100003166
Reason for the research: Update
Recommendation: Buy
from: 11.09.2025
Target price: 61.00 EUR
Target price on sight of: 12 Months
Last rating change: -
Analyst: Bastian Brach
IFA-Feedback: Product Offensive Expected to Lead to Increased Dynamics in
the Christmas Quarter
Shelly used this year's IFA to impressively expand its product portfolio and
reinforce its position as one of the innovation leaders in the market. With
one of the largest booths in the Smart Home area and strong visitor
interest, the company once again succeeded in clearly setting itself apart
from the competition.
New Products with High Market Potential: At the center of the product
innovations were the new Wall Display Gen4 and the room sensor Shelly
Presence Gen4. The Wall Display, presented in a larger and more modern
version, functions as a central control unit for the entire Smart Home
ecosystem. With the larger display, more powerful hardware, and a more
intuitive user interface, Shelly creates an attractive interface for end
users, significantly improving both functionality and design. Also
noteworthy is the new room sensor, which, using radar technology, can detect
not only the location but also the number of people present in a room
without making video recordings. This opens up application possibilities,
especially in sensitive areas such as hospitals or nursing homes, that go
far beyond the classic Smart Home.
With the Shelly Flood Gen4, water leaks caused by defective washing
machines, pipe bursts, or leaky heating systems can also be detected. In
combination with cloud connectivity, the user can be immediately alerted via
smartphone and, with appropriate equipment, initiate automated
countermeasures such as shutting off water pumps or activating valves. The
sensor also offers significant advantages in the commercial sector, as
consequential damage caused by water can be prevented early. This not only
enhances the attractiveness of Shelly's product portfolio but also
strategically expands it with security solutions that offer clear measurable
customer benefits. The high interest in the innovations is also evident as
the digital product presentation on YouTube reached 40k views within the
first four days, further underscoring the relevance of the Shelly community.
Medium-Term Goals Realistic: We see the consistent development of the
product portfolio, both in terms of quality and breadth, as the foundation
for achieving the medium-term goal of 200 million EUR in sales next year. If
Shelly meets our expectations for the current fiscal year, a growth rate
just below 35% would be necessary for 2026. Given the recent product
launches, which are available in time for Black Friday and the Christmas
business, we expect a more dynamic increase in revenues in the coming
quarters compared to the first half of the year (H1: +29.3% yoy). This
tailwind is likely to continue into the next year, as we position ourselves
above the medium-term forecast with revenues of EUR 211.1m.
Conclusion: Shelly has used the attention of the IFA to present numerous new
fourthgeneration products. This should position the Smart Home provider well
for the important final quarter with Christmas business and Black Week to
increase the growth rate as planned compared to H1. We reaffirm our buy
recommendation with a target price of 61.00 EUR.
+++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte. Bitte lesen Sie unseren RISIKOHINWEIS /
HAFTUNGSAUSSCHLUSS unter http://www.montega.de +++
Über Montega:
Die Montega AG ist eines der führenden bankenunabhängigen Researchhäuser mit
klarem Fokus auf den deutschen Mittelstand. Das Coverage-Universum umfasst
Titel aus dem MDAX, TecDAX, SDAX sowie ausgewählte Nebenwerte und wird durch
erfolgreiches Stock-Picking stetig erweitert. Montega versteht sich als
ausgelagerter Researchanbieter für institutionelle Investoren und fokussiert
sich auf die Erstellung von Research-Publikationen sowie die Veranstaltung
von Roadshows, Fieldtrips und Konferenzen. Zu den Kunden zählen langfristig
orientierte Value-Investoren, Vermögensverwalter und Family Offices primär
aus Deutschland, der Schweiz und Luxemburg. Die Analysten von Montega
zeichnen sich dabei durch exzellente Kontakte zum Top-Management, profunde
Marktkenntnisse und langjährige Erfahrung in der Analyse von deutschen
Small- und MidCap-Unternehmen aus.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=f6532203c921fc085670e87685f32d55
Contact for questions:
Montega AG - Equity Research
Tel.: +49 (0)40 41111 37-80
Web: www.montega.de
E-Mail: research@montega.de
LinkedIn: https://www.linkedin.com/company/montega-ag
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